Price of Platinum Soars Above $500 an Ounce

The price of platinum soared above $500 an ounce today for the first time since 1981, with analysts predicting further rises because of concern over South African supplies.

Platinum, which a year ago cost only $235 an ounce, rose sharply to around $506 in trading here, up from a morning fix of $489.75. The price later steadied to $502.25.